May 14 (Bloomberg) -- Sony Corp., the world's second-largest maker of consumer electronics, forecast operating income will rise 20 percent this year as the games division that makes PlayStation 3 consoles unexpectedly turns profitable.
Sony rose as much as 3.3 percent in German trading after saying today that operating profit will climb to 450 billion yen ($4.3 billion) in the 12 months ending March 2009, from 400 billion yen the previous year. The forecast is 13 percent higher than the median estimate in a Bloomberg survey of five analysts.
The Tokyo-based company predicted the games unit will post its first annual profit in three years, compared with the 40 billion yen loss projected by analysts, after reducing the cost of making PlayStation 3s. Under Chairman Howard Stringer, the PlayStation division lost $3.4 billion in the past two years after its flagship player was outsold by Nintendo Co.'s Wii.
``I don't think we have to worry about Sony's game business anymore,'' said Naoki Fujiwara, who oversees the equivalent of $720 million as chief fund manager at Shinkin Asset Management Co. in Tokyo. ``Although sales of the PlayStation 3 don't match those of Nintendo's Wii, they show unexpected resilience.''
The company said it will double dividend payments to 50 yen a share after net income almost tripled to a record 369.4 billion yen last fiscal year, helped by the sale of buildings, chip- making assets and shares of a financial unit. Sony forecast profit will fall 22 percent to 290 billion yen in the year ending March 31, matching the median estimate in the Bloomberg survey.

Shares Rise
Sony shares rose to the equivalent of 4,959 yen in German trading, up 2.2 percent from their closing price in Japan. The stock has dropped 22 percent this year on the Tokyo Stock Exchange, the worst performer among the country's five largest consumer-electronics makers.
The company forecast profit at the electronics division, which makes Bravia TVs and Cyber-shot cameras, will fall this year as the stronger yen erodes the value of its exports. Profit from the unit more than doubled to 356 billion yen in the 12 months ended March 31, beating the median estimate in the survey.
Earnings at the division will fall to 317 billion yen this year, according to the Bloomberg survey. Sony forecast its television operations will turn profitable by the end of March, without providing specific numbers.
A stronger yen will cut electronics profit by ``double- digit'' billions of yen in the 12 months ending March 2009, Chief Financial Officer Nobuyuki Oneda said at a briefing in Tokyo.
By comparison, Matsushita Electric Industrial Co., the world's largest consumer-electronics maker, on April 28 predicted profit will rise 10 percent to a record this fiscal year, led by sales of Panasonic TVs and cameras. Its shares jumped 15 percent, the most in almost nine years, the next trading day.

`Spider-Man 3'
Sony forecast operating profit at the movie division will fall this year. Profit at the business will probably decline to 40.7 billion yen this fiscal year, according to the Bloomberg survey. Earnings rose 26.5 percent to 54 billion yen last fiscal year, helped by the release of ``Spider-Man 3'' and ``Superbad.''

The finance unit's profit tumbled 73 percent to 22.6 billion yen in the 12 months ended March 31, missing the 40 billion yen median estimate. Sony predicted a ``significant'' increase in profit this fiscal year. The division will probably post operating income of 85 billion yen in the period ending March 2009, according to the survey.

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